Do you want to have a great time after retirement? Do you want to ensure that you don’t remain dependent on anyone else during the final years of your life? Do you want your property to be divided among your children and other family members exactly according to your desire?
If one or more of the above situations are true, you must use estate planning services offered by a reliable law firm in your area.
However, for your estate planning to show results, you must avoid certain mistakes. The section below will introduce you to the biggest mistakes of them all.
Mistake #1: Engaging in Financial Procrastination
Most of us keep delaying estate planning and there are multiple factors responsible for such procrastination.
Individuals, who earn hefty amounts every month, often assume that things will always fall in place even when they will become old. Others feel that saving some money without any proper planning is enough to have financial security after retirement.
Indeed, saving money and making financial investments will help you to have a good time after retirement. However, that does not help much if you avoid preparing a will and keep procrastinating estate planning.
Ideally, you should do estate planning when you are still young. This will not only keep your future secured but will also keep the future of your spouse and young children secured.
Other than having a will that will be effective after your death, you must also have a living will. A living will or healthcare directive will include a detailed explanation of your preferences regarding end-of-life healthcare.
Contrary to popular belief, you must have a will and a living will irrespective of whether you are a super-rich individual or a person who doesn’t have a lot of money.
Mistake #2: Dealing with Outdated Wills
Indeed, every individual should have their will ready when they are still young. However, for your will to remain functional, you must keep updating it. There’s no need to update it very frequently. Your estate planner is the best person to tell you about the ideal time to update your will. This makes it crucial for you to stay in touch with a reputable estate planning company.
Mistake #3: Having Uncoordinated Beneficiaries
It’s quite common for people to make a will or update their will but not notify the beneficiaries about their decision. This mistake turns out to be a real big one if the beneficiaries in question are linked to retirement accounts, annuities, and life insurance policies of the owner of the will.
Even if you don’t inform the beneficiaries about the changes you have made in your will, make sure you make the necessary changes in various beneficiary forms. This will ensure that your assets are handed over to the right people after your death.
If you work with an experienced estate planner, they will ensure that you don’t commit any mistakes when planning for the future of your assets. Thus, you must always opt for service providers with a good reputation.